The Bank of Italy? Wrong predictions. The European Commission? It's wrong too. The OECD and the IMF? They are wrong too. But who is it that so confidently scourges all the major research and economic forecasting centers in the world? Have we found a new Einstein? No, don't worry, the prophet comes from Nettuno, a village on the Lazio coast that can be reached after an hour's drive if the wretched Pontina doesn't reserve any surprises for you. we are talking about Stefano Fassina, the economic manager of the Democratic Party who may have also worked at the Monetary Fund but whom no one ever saw smile even before Monti decided to resort to austerity to save Italy from bankruptcy.
Fassina is right to maintain that austerity cannot be one-way and that without growth there is no way out of the crisis. However, he forgets two essential things:
1) to support growth, in addition to pursuing a European economic strategy based on the golden rule and Eurobonds, wouldn't it also be appropriate to drastically cut taxes on companies and on labour, offsetting them with a corresponding cut in unproductive public spending? The effects on growth would be closer. But would Fassina feel like indicating which expenses to cut, even at the cost of disappointing the CGIL and a part of its electorate?
2) It is right to correct and integrate the austerity policy with a development policy but the latter cannot completely cancel the former because the financial markets and international institutions would immediately punish us mercilessly. Fassina, who belongs to the current of the young Turks of the Democratic Party - a very insidious denomination only if one knows and remembers that, in the history of Turkey, the young Turkish leaders were the ones who abolished the Arabic language in the country and above all endorsed the infamous massacre of the Armenians - have you ever wondered what would have happened to Italy if Monti hadn't adopted the austerity policy from his first day in Palazzo Chigi?
Being so good at using red and blue pencil and at dispensing votes even to the most authoritative institutions, it would be interesting to know how Fassina would have avoided Italy's default in November of last year if he had been in Monti's place. In short, dear Fassina, if he can't smile, at least try to mitigate his presumption and sometimes remember that the world doesn't end in Neptune. It's sad but that's how it is.
